Categories: Cryptocurrency News

StraitsX decides to back XSGD on the Hedera network

StraitsX, which is basically a digital asset payment framework and runs its operations from  Southeast Asia, has decided to go ahead and back the StraitsX Singapore Dollar (XSGD) on the Hedera network. From the time the XSGD was introduced sometime in the month of October 2020, it has managed to garner for itself an immense amount of acceptance. In order to endorse the fact, more than seven billion on-chain transactions have been carried out.

However, this automatically places it amongst the biggest non-USD stablecoins in terms of market capitalization. Through this, all of the connected users will be able to utilize the StraitsX platform for sending, as well as getting XSGD on the Hedera network. There is also a possibility of a listing on world exchanges in the imminent future. 

The HBAR Foundation, as an entity, plays an active role in the furthering of the overall development of the Hedera ecosystem and is involved in offering grants, as well as various benefits to developers, along with startups and businesses that are in the position of delivering decentralized applications in DeFi, as well as CBDCs, ESGs and more. 

On the other hand, StraitsX is a payments framework leaning towards the digital assets arena and situated in Southeast Asia. It is a big player in payment institutions and has duly received its license from the Monetary Authority of Singapore. The entity comes under the umbrella of Fazz’s ecosystem of financial services, which helps in furthering business banking in Southeast Asia.       

As an entity, Hedera is a leaderless proof of stake (POS) network that gets its boosting from hashgraph consensus. This helps it to become totally safe. Bringing together furthered throughput, as well as economically charged fees and immediate finality, it opens the doors for carrying out speedy transactions on Hedera with lesser bandwidth usage. Where HBAR is concerned, it is the conventional cryptocurrency belonging to Hedera and which helps the decentralized economy get a real boost. 

The backing of XSGD works in tandem with the prime aim and intention of the HBAR Foundation, which is to be actively involved in offering the opportunity for businesses to get connected with the resources available in the ecosystem and which assist in the creation and positioning of fresh applications on the Hedera network.

XSGD makes provision for end users, as well as the applications that have been created on the Hedera network, to be able to take full advantage of a fiat-supported stablecoin of Southeast Asia. This helps to bring about an immediate cross-border settlement with factors such as an increased level of transaction upgradeability, as well as more economically priced transaction fees. 

According to the Head of StraitsX, Kenny Chan, they are pleased with their move of bringing XSGD on the Hedera network as this will prove to be extremely beneficial in terms of the ecosystem of applications that come with real-world XSGD stablecoin payments. In his opinion, it will also be possible to carry out micropayments in stablecoins in the very near future.

So far as the Head of Fintech and Payments at The HBAR, Sabrina Tachdjian, is concerned, she feels that they will now be in the position of being able to bring about a fresh regulated, as well as a reserved stablecoin to their ecosystem. In her viewpoint, the XSGD will heighten the Hedera-oriented applications in APAC and further. 

Paul Jolin

Paul Jolin is an economist having experience in financial research. He joined CoinNewsSpan in 2017 and since then has been working with the team to offer best price analysis and review stories on the crypto space. He is optimistic about blockchain technology's use cases in terms of financial freedom. He also has experience as an independent trader.

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Paul Jolin